Brewin Dolphin is “currently exploring” different methods of engaging with new and existing customers, according to the firm’s head of financial planning.
Speaking to FTAdviser, Nick Fitzgerald remained tight-lipped on any firm commitments to ‘robo-advice’, but did confirm statements in the recent preliminary results that said new technology was being investigated.
Earlier this month, Brewin Dolphin stated that it recognises the advice gap and is developing alternative delivery mechanisms to help assist those with smaller portfolios.
“We are developing different products to attract such high potential clients at an earlier stage in their lives, thereby seeding tomorrow’s business and assets,” the document reads, adding “undoubtedly, the relationship will be supported by technology”.
Mr Fitzgerald said: “We are currently exploring different methods of how to engage with both existing and new clients so that they can get the most out of our investment management and financial planning services.”
He added that the client experience would be refined by using modern hardware to illustrate their overall net worth and income cash flow.
“We’re currently trialling functionality that enables us to engage with clients online.
“The value of this is two-fold, we can accommodate clients in the form of online meetings for those who require more flexible access to us; plus we can give clients the opportunity to complete paperwork in their own time by giving them access to documentation via an online portal.”
In November, Brewin Dolphin’s head of wealth and investment management Stephen Ford told the Wealth Management Association annual summit that in order to gain and retain younger clients, more online access has to be facilitated.
“We want to get to clients earlier and younger,” he commented, noting that the industry still has not got the kind of brand recognition that Amazon or Apple do among millennials.
Mr Fitzgerald pointed out that the firm recently launched Brewins Direct, which gives clients the opportunity to invest in low-cost, risk graded, passively managed portfolios.
Elsewhere, he expressed disappointment at the service and information that many clients have received from their pension providers since April.
“While the pension freedoms have been a challenge across all channels, the quality of provider information has been poor for clients who have looked to decumulate pension assets.
“We have seen several instances of a lack of information from providers causing clients to over pay emergency tax rates on the withdrawn funds – this has meant the clients received less than they had originally anticipated and will have to either apply for a tax refund or wait until the end of the tax year.”
He argued that providers need to highlight these potential issues at the outset of the drawdown process and stress the importance of seeking professional financial advice.
peter.walker@ft.com
